KARACHI, Oct 18: Stocks on Tuesday received a massive battering under the lead of energy, bank and cement shares as bulls opted for a technical breather after having outwitted bears over the index level of 9,000.

In sympathy with the weakness of the broader market, the KSE 100-share index also beat a hasty retreat after having touched the coveted point of 9,000 as leading base shares came in for active selling under the lead of PTCL and bank shares at the inflated levels.

It finally finished sharply lower by 231.51 points at 8,669.39 as compared to 8,900.50 a day earlier. The day’s highest and lowest were touched at 9,011.51 and 8,625.66 respectively, the net fall being 2.60 per cent, wiping out Rs61 billion from the market capital at Rs2,478.

As widely speculated the index level of 9,000 signalled the retreat of the prodigal son in a bit haste. Bears struck at time when the bulls were thinking of a level beyond this near-term target.

“There is general perception that the current sell-off was technically-motivated in an overbought market as basic fundamentals are mostly positive despite economic losses due to the earthquake”, analysts said.

“The post-quake economic scenario could well prove a double-edged weapon for the share market but investors are not worried over the outcome and mostly relying on the post-quake positive side”, they added.

Bank shares, which have been under bull-squeeze for the last about six months on reports of higher earnings and expectations of handsome dividend came in for massive battering at the highly inflated levels and took the entire market along with them in the minus column, brokers said.

The worst-hit was National Bank, off Rs8.50 followed by Bank of Punjab and MCB, off Rs4.75 and Rs6.50 respectively, Askari Bank, off Rs4.95. But on the other hand Bank Alfalah and Metropolitan Bank hereto inactive shares came in for active support amid market talk that they now could be the next target along with Union Bank of the speculative forces.

Wyeth Pakistan maintained its upward drive and was quoted further higher by Rs25 followed by Aventis, up by Rs10.50. Other notable gainers were led by Metropolitan Bank, Bestway Cement, Mustehkam Cement, Suzuki Motors, Dawood Hercules, Fauji Fertilizer, Ferozsons Lab, Zulfiqar Industries and Pakistan Cable, up by Rs3.40 to Rs6.

Prominent losers included Pakistan Oilfields and Attock Refinery, off Rs15 and Rs11.25 respectively followed by Askari Bank, Nishat Mills, Gatron Industries, National and Pakistan Refinery, Attock Refinery, PSO, Shell Pakistan, OGDC, Glaxo-SKF, Arif Habib Securities and Treet Corporation, which suffered fall ranging from Rs4.95 to Rs10.05.

Trading volume showed a modest rise at 318m shares as compared to 300m shares a day earlier but losers held a strong lead over the gainers at 182 to 115, with 36 shares holding on to the last levels.

PTCL came in for active selling and fell by Rs1.85 at Rs64.65 on 41m shares followed by Bank of Punjab, off Rs4.75 at Rs111 on 36m shares, National Bank, lower Rs8.40 at Rs159.60 on 30m shares, MCB, off Rs6.50 at Rs145 on 24m shares, Pakistan Petroleum, lower Rs1.05 at Rs205.50 on 23m shares and Pakistan Oilfields and PSO, off Rs13.00 and Rs9 at Rs415.00 and Rs405.50 on 12 and 6m shares, respectively.

Other actives were led by Fauji Fertilizer Bin Qasim, off Rs1.50 on 22m shares, Lucky Cement, lower Rs2.50 on 16m shares and Bank Alfalah, up by 40 paisa on 13m shares.

FORWARD COUNTER: Pakistan Petroleum led the list of actives on this counter, off Rs3.45 at Rs206.15 on 26m shares followed by Bank of Punjab, lower Rs3.75 at Rs113 on 25m shares and OGDC, off Rs6.10 at Rs118.70 on 22m shares.